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TRGP on NYSE

Targa Resources Corp.

Targa Resources Corp. is a natural gas transmission company, listed on NYSE (TRGP).1 It is headquartered in Houston, Texas.1

$294.62 up 12.07 (4.27%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerTRGP on NYSE1
  • IndustryNatural Gas Transmission1
  • HeadquartersHouston, Texas1
  • Business address811 Louisiana Street, Suite 2100, Houston, Tx 770023
  • Filer categoryLarge accelerated filer3

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The following section of this Form 10-K generally refers to business developments during the year ended December 31, 2025. Discussion of prior period business developments that are not included in this Form 10-K can be found in “Part I, Item 1. Business” of our Annual Report on Form 10-K for the year ended December 31, 2024 .5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

19.6%Operating margin6
11.3%Net margin6
20.5%Revenue growth, 20256
62.7%Return on equity6
5.68×Debt to equity6
$584.1MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue62¢$10.5B
  • Other costs24¢$4.1B
  • Income tax3¢$529.7M
  • Profit11¢$1.9B

Out of $17.0B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending85¢$3.3B
  • Kept or used elsewhere15¢$584.1M

Out of $3.9B of cash from operations.6

Financial statements

Revenue789106$17.0B in 2025+130% since 2019
0$5.0B$10.0B$15.0B$20.0B2019: $7.4B$7.4B20192020: $6.9B$6.9B2020−7%2021: $16.1B$16.1B2021+134%2022: $19.8B$19.8B2022+23%2023: $13.5B$13.5B2023−32%2024: $14.1B$14.1B2024+5%2025: $17.0B$17.0B2025+20%
Operating income789106$3.3B in 2025+1627% since 2019
-$2.0B0$2.0B$4.0B2019: $192.9M$192.9M20192020: -$1.3B-$1.3B20202021: $864.8M$864.8M20212022: $1.7B$1.7B2022+100%2023: $2.6B$2.6B2023+52%2024: $2.7B$2.7B2024+3%2025: $3.3B$3.3B2025+24%
Net income789106$1.9B in 2025
-$2.0B-$1.0B0$1.0B$2.0B2019: -$209.2M-$209.2M20192020: -$1.6B-$1.6B2020+643%2021: $71.2M$71.2M20212022: $1.2B$1.2B2022+1579%2023: $1.3B$1.3B2023+13%2024: $1.3B$1.3B2024−3%2025: $1.9B$1.9B2025+47%
Fiscal year2019202020212022202320242025
Revenue$7.4B7$6.9B8$16.1B9$19.8B10$13.5B10$14.1B10$17.0B6
Cost of revenue$6.2B7$5.2B8$13.7B9$16.9B10$10.7B6$10.7B6$10.5B6
Gross profit$2.6B11
Operating income$192.9M7-$1.3B8$864.8M9$1.7B10$2.6B6$2.7B6$3.3B6
Income before tax$436.9M9$1.7B10$1.9B6$1.9B6$2.5B6
Income tax-$87.9M7-$248.1M8$14.8M9$131.8M10$363.2M6$384.5M6$529.7M6
Net income-$209.2M7-$1.6B8$71.2M9$1.2B10$1.3B6$1.3B6$1.9B6
Earnings per share-$1.447-$7.268-$0.079$3.9510$3.696$5.776$8.526
Earnings per share (diluted)-$1.447-$7.268-$0.079$3.8810$3.666$5.746$8.496
Shares (weighted, basic)228.6M shares9227.3M shares10224.6M shares6220.2M shares6216.1M shares6
Shares (weighted, diluted)228.6M shares9231.1M shares10226.0M shares6221.3M shares6216.9M shares6

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Corporate structure

Targa Resources Corp. sits at the top of its group. 12 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Targa Resources Corp.

  • Targa Resources Corp. Houston, Texas
    • Grand Prix Pipeline LLC Subsidiary · Delaware, United States
    • Lasso Acquiror LLC Subsidiary · Delaware, United States
    • Targa Downstream LLC Subsidiary · Delaware, United States
    • Targa GP Inc. Subsidiary · Delaware, United States
    • Targa Midstream Services LLC Subsidiary · Delaware, United States
    • Targa Northern Delaware LLC Subsidiary · Delaware, United States
    • Targa Pipeline Mid-Continent Holdings LLC Subsidiary · Delaware, United States
    • Targa Pipeline Operating Partnership LP Subsidiary · Delaware, United States
    • Targa Pipeline Partners LP Subsidiary · Delaware, United States
    • Targa Resources Operating LLC Subsidiary · Delaware, United States
    • Targa Resources Partners LP Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Targa Resources Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$33.2B6 Dec 31, 2025$29.6B6 Dec 31, 2024+12.3%
Accumulated depreciation$12.7B6 Dec 31, 2025$11.5B6 Dec 31, 2024+10.2%
Property and equipment, net$20.5B6 Dec 31, 2025$18.1B6 Dec 31, 2024+13.7%
Finance-lease assets$324.9M6 Dec 31, 2025$285.1M6 Dec 31, 2024+14.0%
Operating-lease assets (leased space)$93.9M6 Dec 31, 2025$103.7M6 Dec 31, 2024−9.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$166.1M6 Dec 31, 2025$157.3M6 Dec 31, 2024+5.6%
Stakes in other companies (equity method)$307.1M6 Dec 31, 2025$193.3M6 Dec 31, 2024+58.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$112.3M6 Dec 31, 2025$45.2M6 Dec 31, 2024+148.5%
Finite-lived intangibles, gross$4.4B6 Dec 31, 2025$4.4B6 Dec 31, 20240%
Accumulated amortization$2.7B6 Dec 31, 2025$2.4B6 Dec 31, 2024+13.6%
Finite-lived intangibles, net$1.7B6 Dec 31, 2025$2.0B6 Dec 31, 2024−16.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$429.3M6 Dec 31, 2025$334.3M6 Dec 31, 2024+28.4%

Properties, in its own words

A description of our properties is contained in “Item 1. Business” in this Annual Report.

Our principal executive offices are located at 811 Louisiana Street, Suite 2100, Houston, Texas 77002 and our telephone number is 713-584-1000.

Item 2 of the 10-K filed Feb 19, 2026.5

Leadership

Who has led Targa Resources Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Rene R. Joyce2010–2011
  2. Matthew J. Meloy2020–now

Chair

  1. Rene R. Joyce2012–2014

President

  1. Michael A. Heim2012–2015
  2. Jeffrey J. McParland2017–2019
  3. Matthew J. Meloy2018–2020
  4. Jennifer R. Kneale2026–now

Chief financial officer

  1. Matthew J. Meloy2010–2018
  2. Jennifer R. Kneale2018–2024
  3. William A. Byers2024–now

Chief operating officer

  1. Michael A. Heim2010–2015
201520202025
Board members and other officers (33)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Grand Prix Pipeline LLC Delaware4
  • Lasso Acquiror LLC Delaware4
  • Targa Downstream LLC Delaware4
  • Targa GP Inc. Delaware4
  • Targa Midstream Services LLC Delaware4
  • Targa Northern Delaware LLC Delaware4
  • Targa Pipeline Mid-Continent Holdings LLC Delaware4
  • Targa Pipeline Operating Partnership LP Delaware4
  • Targa Pipeline Partners LP Delaware4
  • Targa Resources LLC Delaware4
  • Targa Resources Operating LLC Delaware4
  • Targa Resources Partners LP Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Targa Resources Investments Inc.Feb 8, 2007 to Nov 12, 20103

Timeline

  1. Aug 25, 20268-K Executive or director change58
  2. Aug 6, 20268-K Results of operations; Regulation FD disclosure59
  3. Jul 17, 20268-K Executive or director change60
  4. Jul 6, 20268-K Entered a material agreement61
  5. May 22, 20268-K Shareholder vote62
  6. May 7, 20268-K Results of operations; Regulation FD disclosure63
  7. Mar 2, 20268-K Entered a material agreement; New debt or obligation64
  8. Feb 26, 20268-K Regulation FD disclosure; Other events65
  9. Feb 19, 20268-K Results of operations; Regulation FD disclosure66
  10. Nov 12, 20258-K Entered a material agreement; New debt or obligation67
  11. Nov 7, 20258-K Regulation FD disclosure; Other events68
  12. Nov 5, 20258-K Results of operations; Regulation FD disclosure69
  13. Mar 3, 2020New chief executive Matthew J. Meloy becomes CEO15
  14. Dec 6, 2010New chief executive Rene R. Joyce becomes CEO16

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $2.20 a share, on Nov 5, 2025.70

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results59
  2. May 7, 2026Reported quarterly or annual results63
  3. Feb 19, 2026Reported quarterly or annual results66
  4. Nov 5, 2025Reported quarterly or annual results69
  5. Aug 7, 2025Reported quarterly or annual results71
  6. May 1, 2025Reported quarterly or annual results72
  7. Feb 20, 2025Reported quarterly or annual results73
  8. Nov 5, 2024Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

535 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 70 major events, 287 insider forms, 19 large holders, 139 other. The latest 20:

  1. Sep 17, 2026SD EDGAR
  2. Sep 8, 20264 EDGAR
  3. Sep 3, 20264 EDGAR
  4. Sep 3, 20263 EDGAR
  5. Sep 3, 20264 EDGAR
  6. Aug 26, 2026144 EDGAR
  7. Aug 26, 20264 EDGAR
  8. Aug 25, 2026144 EDGAR
  9. Aug 25, 20264 EDGAR
  10. Aug 25, 20268-K EDGAR
  11. Aug 24, 20264 EDGAR
  12. Aug 20, 2026144 EDGAR
  13. Aug 20, 20264 EDGAR
  14. Aug 6, 202610-Q EDGAR
  15. Aug 6, 20268-K EDGAR
  16. Aug 4, 20264 EDGAR
  17. Aug 4, 20264 EDGAR
  18. Aug 4, 20264 EDGAR
  19. Jul 23, 20264 EDGAR
  20. Jul 23, 20263 EDGAR

The 535 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

113 open-market trades by officers, directors and large owners since October 2021: 0 buys and 113 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Chung Paul WDirectorSale1,816$296.11$537.7KForm 4
Aug 25, 2026CRISP CHARLES RDirectorSale3,000$290.23$870.7KForm 4
Aug 21, 2026Davis Waters S IVDirectorSale2,400$299.67$719.2KForm 4
May 12, 2026CRISP CHARLES RDirectorSale10,602$255.96$2.7MForm 4
Mar 5, 2026Muraro RobertChief Commercial OfficerSale24,589$241.34$5.9MForm 4
Mar 2, 2026McDonie Patrick J.See RemarksSale31,537$239.36$7.5MForm 4
Mar 2, 2026Branstetter Benjamin JamesSee RemarksSale3,258$238.83$778.1KForm 4
Feb 26, 2026Cooksen LindseyDirectorSale435$231.72$100.8KForm 4
Feb 25, 2026Pryor D. ScottSee RemarksSale17,500$228.92$4.0MForm 4
Feb 24, 2026Kneale Jennifer R.PresidentSale29,509$230.12$6.8MForm 4
Feb 24, 2026CRISP CHARLES RDirectorSale1,359$229.30$311.6KForm 4
Dec 5, 2025Shrader Gerald RSee RemarksSale2,750$181.21$498.3KForm 4
Nov 14, 2025Pryor D. ScottSee RemarksSale20,000$172.21$3.4MForm 4
Aug 15, 2025Pryor D. ScottSee RemarksSale20,000$165.35$3.3MForm 4
May 8, 2025Pryor D. ScottSee RemarksSale20,000$161.64$3.2MForm 4
Feb 28, 2025Cooksen LindseyDirectorSale1,050$198.14$208.0KForm 4
Feb 28, 2025Chung Paul WDirectorSale6,222$202.92$1.3MForm 4
Feb 27, 2025Pryor D. ScottSee RemarksSale35,000$197.30$6.9MForm 4
Feb 25, 2025Davis Waters S IVDirectorSale2,190$196.26$429.8KForm 4
Feb 25, 2025MELOY MATTHEW JChief Executive OfficerSale48,837$195.08$9.5MForm 4

All 113 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Matthew J. Meloy48$1.2M$21.5M82
2025Jennifer R. Kneale47$759.2K$8.9M82
2025D. Scott Pryor$670.8K$6.3M82
2025Patrick J. McDonie65$670.8K$6.3M82
2025Robert M. Muraro49$670.8K$6.3M82
2025William A. Byers50$616.7K$5.4M82
2024Chief Executive Officer$1.0M$15.5M82
2024President$665.0K$6.3M82
2024Chief Commercial$644.2K$4.8M82
2024President – Gathering$644.2K$4.8M82
2024President – Logistics$644.2K$4.8M82
2023Chief Executive Officer$970.5K$14.2M82
2023President$629.2K$5.7M82
2023Officer$602.5K$4.2M82
2023and Processing$602.5K$4.2M82
2023and Transportation$602.5K$4.2M82

SEC filer profile

How Targa Resources Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTarga Resources Corp.1
  • CIK0001389170
  • Employer ID (EIN)20-37010755
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4922 Natural Gas Transmission1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address811 Louisiana Street, Suite 2100, Houston, TX 770021
  • Phone713-584-10001
  • Shares outstanding214,431,021 as of Jul 31, 202613
  • Public float$37.0B as of Jun 30, 20255
  • AuditorPricewaterhouseCoopers LLP, Houston, Texas PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceFeb 8, 20071
  • Filings1,484 in all: 4 (779), 8-K (221), 144 (74), 10-Q (47), SC 13G/A (45), 3 (40), 424B5 (29), UPLOAD (25)1
    All 45 form types

    425 (24), CORRESP (24), SC 13G (18), DEFA14A (17), 10-K (16), DEF 14A (16), 4/A (14), FWP (9), 8-K/A (8), S-1/A (6), 3/A (5), ARS (5), S-3ASR (5), S-8 (5), SC 13D/A (5), SCHEDULE 13G/A (5), EFFECT (4), S-4/A (4), 424B7 (3), POSASR (3), SD (3), 10-K/A (2), 424B1 (2), 424B3 (2), DEFM14A (2), PRE 14A (2), PX14A6G (2), S-1 (2), S-4 (2), SCHEDULE 13G (2), 10-Q/A (1), 144/A (1), 8-A12B (1), CERTNYS (1), D (1), S-1MEF (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 26, 2026
    Latest 8-K (8-K) Aug 25, 2026

Securities registered for trading

ClassSymbolExchange
Common StockTRGPNew York Stock Exchange

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Targa Resources Corp. names in Item 1A of its 10-K filed Feb 19, 2026: 42 risks under these headings, as written.5

  • Risks Related to our Results of Operations
  • Risks Related to our Capital Projects and Future Growth
  • Risks Related to our Financial Condition
  • Risks Related to the Ownership of our Common Stock
  • Risks Related to our Indebtedness
  • Risks Related to Regulatory Matters
  • Our cash flow is affected by supply and demand for natural gas, NGL products and crude oil and by natural gas, NGL, crude oil and condensate prices, and decreases in commodity prices and/or activity levels could adversely affect our results of operations and financial condition.
  • A reduction in demand for NGL products by the petrochemical, refinery or other industries or by the fuel or export markets, or a significant increase in NGL product supply relative to this demand, could materially adversely affect our business, results of operations and financial condition.
  • The natural decline in production in our operating regions and in other regions from which we source NGL supplies means our long-term success depends on our ability to obtain new sources of supplies of natural gas, NGLs and crude oil, which depends on certain factors beyond our control. Any decrease in supplies of natural gas, NGLs or crude oil could adversely affect our business and operating results.
  • Our industry is highly competitive and increased competitive pressure could adversely affect our business and operating results.
  • Our business is highly competitive, which may affect our ability to hire, train or retain officers and employees needed to manage and operate our business.
  • If third-party pipelines and other facilities interconnected to our natural gas and crude oil gathering systems, terminals and processing facilities or to our NGL pipelines, fractionators and storage facilities become partially or fully unavailable to transport natural gas, NGLs and crude oil, our revenues could be adversely affected.
The other 36 risks
  • We do not own most of the land on which our pipelines, terminals and compression facilities are located, which could disrupt our operations.
  • Weather events may damage our assets, limit our ability or increase the costs to operate our business and adversely impact our customers on whom we rely on for throughput as well as third party vendors from whom we receive goods, which developments could cause us to incur significant costs and adversely affect our business, results of operations and financial condition.
  • Our business involves many hazards and operational risks, some of which may not be insured or fully covered by insurance. If a significant accident or event occurs for which we are not fully insured, if we fail to recover all anticipated insurance proceeds for significant accidents or events for which we are insured, or if we fail to rebuild facilities damaged by such accidents or events, our operations and financial results could be adversely affected.
  • Unexpected volume changes due to production variability or to gathering, plant or pipeline system disruptions may increase our exposure to commodity price movements.
  • Portions of our pipeline systems may require increased expenditures for maintenance and repair owing to the age of some of our systems, which expenditures or resulting loss of revenue due to pipeline age or condition which could have an adverse effect on our business and results of operations.
  • Terrorist attacks and the threat of terrorist attacks have resulted in increased costs to our business. Continued global and domestic hostilities may adversely impact our results of operations.
  • We face opposition to operation and expansion of our pipelines and facilities from various individuals and groups.
  • We may incur significant costs and liabilities resulting from performance of pipeline integrity testing programs and related repairs, as well as from initiatives relating to pipeline safety that require the use of new or more stringent safety controls or result in more rigorous enforcement of applicable legal requirements.
  • We are subject to cybersecurity risks. A cyber incident could occur and result in information theft, data corruption, operational disruption, disclosure of business sensitive, confidential or personally identifiable information, misdirected wire transfers, reputational harm, and financial loss.
  • The widespread outbreak of illnesses or any other public health crises that impacts operations and/or the global demand for energy commodities may have material adverse effects on our business, financial position, results of operations and/or cash flows.
  • Our expansion or modification of existing assets or the construction of new assets may not result in revenue increases and are subject to regulatory, environmental, political, legal and economic risks, which could adversely affect our results of operations and financial condition.
  • We may be unable to cause our joint ventures to take or not to take certain actions unless some or all of our joint venture participants agree.
  • If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. In addition, potential changes in accounting standards might cause us to revise our financial results and disclosure in the future.
  • We are exposed to credit risks of our customers, and any material nonpayment or nonperformance by our key customers could adversely affect our cash flow and results of operations.
  • Inflation and changes in monetary policy may result in increases to the cost of our goods, services and personnel, which in turn cause our capital expenditures and operating costs to rise.
  • Changes in future business conditions could have a negative impact on the demand for our services and could cause recorded long-lived assets to become further impaired, and our financial condition and results of operations could suffer if there is a negative impact on the demand for our services and an additional impairment of long-lived assets.
  • Our hedging activities may not be effective in reducing the variability of our cash flows and may, in certain circumstances, increase the variability of our cash flows. Moreover, our hedges may not fully protect us against volatility in basis differentials. Finally, the percentage of our expected equity commodity volumes that are hedged decreases substantially over time.
  • If we fail to balance our purchases and sales of the commodities we handle, our exposure to commodity price risk will increase.
  • The amounts we pay in dividends may vary from anticipated amounts and circumstances may arise that lead to conflicts between using funds to pay anticipated dividends or for other uses in our business.
  • Our future tax liability may be greater than expected if our NOL carryforwards are limited, we do not generate expected deductions, tax authorities successfully challenge certain of our tax positions or from changes in tax laws.
  • Changes in tax laws or the interpretation thereof or the imposition of new or increased taxes may adversely affect our financial condition, results of operations and cash flows.
  • Derivatives legislation and its implementing regulations could have a material adverse effect on our ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with our business.
  • Future sales of our common stock could lower our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.
  • Our amended and restated certificate of incorporation and amended and restated bylaws, as well as Delaware law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.
  • We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.
  • Risks Related to Our Indebtedness
  • Increases in interest rates, due to associated Federal Reserve policies or otherwise, could adversely affect our cost of capital, which could increase our funding costs and reduce the overall profitability of our business.
  • We have a substantial amount of indebtedness which may adversely affect our financial position and we may still be able to incur substantially more debt, which could collectively increase the risks associated with compliance with our financial covenants.
  • The terms of our debt agreements may restrict our current and future operations, particularly our ability to respond to changes in business or to take certain actions, including to pay dividends to our stockholders.
  • Our and our customers’ operations are subject to a number of risks related to the potential threat of climate change, including evolving regulations for methane and other GHG emissions from the oil and gas sector, that could result in increased operating costs, limit the areas in which oil and natural gas production may occur, reduce demand for the products and services we provide, and reduce our or our customers’ ability to access capital.
  • Stakeholder and market attention to sustainability matters may impact the disclosure obligations of our business.
  • We could incur significant costs in complying with more stringent occupational safety and health requirements.
  • State laws and regulations limiting hydraulic fracturing activities could result in restrictions, delays or cancellations in drilling and completing new oil and natural gas wells by our customers, which could adversely impact our revenues by decreasing the volumes of natural gas, NGLs or crude oil through our facilities and reducing the utilization of our assets.
  • Our operations are subject to environmental laws and regulations and a failure to comply or an accidental release into the environment may cause us to incur significant costs and liabilities.
  • A change in the jurisdictional characterization of some of our assets by federal, state, tribal or local regulatory agencies or a change in policy by those agencies may result in increased regulation of our assets, which may (i) cause our revenues to decline and operating expenses to increase or (ii) delay or increase the cost of expansion projects.
  • Should we fail to comply with all applicable FERC-administered statutes, rules, regulations and orders, we could be subject to substantial penalties and fines.
  • We are subject to cybersecurity and data privacy laws and regulations, and we may become subject to litigation and directives relating to our processing of personal information.

Legal proceedings

The information required for this item is provided in “Note 17 – Contingencies,” under the heading “Legal Proceedings” included in the Notes to Consolidated Financial Statements included under Part II, Item 8 of this Annual Report, which is incorporated by reference into this item.

The opening of Item 3, Legal Proceedings.5

Sources

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